Given the General Consensus of Experts, Would an Elderly Person

question 7

Multiple Choice

Given the general consensus of experts, would an elderly person be considered a member of the underclass if his fixed income, including Social Security, were under $12,000 a year?

• A) No, only the elderly living in neighborhoods or situations that met the criteria of poverty, crime, and welfare dependency would.
• B) Yes, because members of the underclass can be limited to certain substandard incomes.
• C) No, Social Security guarantees that no person lives in poverty, either independently or in a retirement community.
• D) Yes, the elderly are a growing "underclass" demographic no matter how you interpret who belongs in it.

---

Definitions:

Unit Elastic

A situation when a change in price leads to an equal proportional change in quantity demanded or supplied.

Elasticity of Demand

A gauge of the degree to which a change in price impacts the demanded amount of a good or service.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, typically expressed as a percentage.

Slightly Elastic

Slightly elastic refers to a situation where a small change in price leads to a relatively small change in the quantity demanded or supplied.